Ann: Capital Raising Presentation December 2018, page-68

C'mon guys ... it's not that bad.

Name me one junior gold developer, building their first mine during this bear market, that has been able to achieve a Debt:Equity deal of 85:15.

Debt ---> A$278m
Equity -> A$43-48m

It is the debt:equity ratio that everyone who is worried about a cheap-a dilution should be looking at. Not the 25c equity raising price.

From a dilution perspective that is the best deal I have EVER seen in the junior resources space, let alone for an African developer.

Increased debt increases the risk, of course, but it also increases the returns for equity holders per share if all goes well.

And then there's the cost of borrowing ... 7.75% fixed on drawn down amount and no fish hooks .... again, I have NEVER seen a debt deal so favourable during this bear market for gold for an African gold developer building their first mine.

Then factor in the recent insurgency and violence in BF (read SMF announcements and who just had an IED explode, killing 4 people just 40km from their mine) and, IMO, the fact that WAF got this deal away and on these terms is very good.

The glass is half full here. The only downside, IMO, is the lead time now where the SP will do very little until the mine is finally built, running to expectations and churning out lots of FCF.

Cheers
John